Michigan Mortgage Refinance

When it comes to mortgage refinance comparison shopping in Michigan (population 1,703,322), home owners should be aware of how to effectively compare rates. In addition to rates, home owners should consider the impact of points, closing costs and other fees before deciding on a lender. Get pre-qualified for a loan with a Michigan lender, then crunch the numbers to determine which situation is best. Also, understand the difference between a fixed rate mortgage product versus an adjustable rate mortgage (ARM) in Michigan. The rate stays the same throughout the life of the loan with a fixed rate mortgage, whereas with an ARM begins with a lower rate that fluctuates based on the market. Michigan lenders are offering a 30 year fixed mortgage refinance product for rates starting at 4.73% APR to 5.28% APR. For an ARM, Michigan lenders are offering a rate of 3.78% APR for a 7/1 ARM. On average, the median homes value in Michigan are $93,000, however homes in areas such as Bloomfield Hills (48301) have median values from $489,030 to $574,079 and in Ferndale (48220) the median home values range from $104,045 to $122,140. Other areas, such as Grand Rapids (49501) the homes median value is $114,000. The median sale price of a home in Michigan is approximately $104,600. In Detroit (48201), the average home sale price hovers at $102,000 and in Romulus (48174) at $125,162.